
\begin{tabular}{l c c c c}
\toprule
 & \multicolumn{2}{c}{Monthly Data} & \multicolumn{2}{c}{Collapsed Data} \\
\cmidrule(lr){2-3} \cmidrule(lr){4-5}
 & 1 Year & 5 Year & 1 Year & 5 Year \\
\midrule
Solvency 2 $\times$ Post & $8.96^{**}$   & $10.03^{**}$  & $8.87^{***}$  & $10.15^{**}$ \\
                         & $(3.47)$      & $(4.72)$      & $(2.22)$      & $(3.67)$     \\
Solvency 2               & $5.54$        & $1.63$        & $5.67^{***}$  & $1.46$       \\
                         & $(3.56)$      & $(2.11)$      & $(0.85)$      & $(2.65)$     \\
Post                     & $-3.17$       & $1.39$        & $-3.47$       & $1.80$       \\
                         & $(6.67)$      & $(9.38)$      & $(5.48)$      & $(8.99)$     \\
|USD Imbalance|          & $31.10^{***}$ & $60.12^{***}$ & $29.52^{***}$ & $62.22^{*}$  \\
                         & $(10.05)$     & $(23.18)$     & $(7.13)$      & $(28.89)$    \\
Constant                 & $11.67^{***}$ & $7.68$        & $12.06^{***}$ & $7.16$       \\
                         & $(2.57)$      & $(5.73)$      & $(2.18)$      & $(6.86)$     \\
\midrule
Num. obs.                & $441$         & $441$         & $18$          & $18$         \\
R$^2$ (full model)       & $0.28$        & $0.27$        & $0.35$        & $0.30$       \\
R$^2$ (proj model)       & $0.28$        & $0.27$        & $0.35$        & $0.30$       \\
\bottomrule
\end{tabular}
